The terminal is being built on Cezi Island, which is off the eastern coast city of Ningbo.

In a statement Sinopec “The rapid demand growth we are seeing now requires Sinopec to build a new 300,000-ton sized terminal every other year. A terminal of this size could typically handle 20 million tons of crude.”

“The new storages [will] include 12.6 million-barrel tanks in Yizheng city in Jiangsu Province, 6.3 million barrels on Cezi Island and 2.5 million barrels near the site of China’s top refinery Zhenhai Refining & Chemical Co,” it added.

China is set to import close to 2.5 million bpd of crude this year, of which 80% of the amount is brought in by Sinopec.